Asked by refan waleed on May 28, 2024

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A country is said to have an absolute advantage over another country in the production of a product if it uses more resources to produce that product than the other country does.

Absolute Advantage

The ability of an entity to produce a good or service more efficiently than its competitors with the same amount of resources.

Resources

Assets, materials, and inputs used to produce goods and services, including time, labor, capital, and natural resources.

Production

The process of creating, growing, manufacturing, or improving goods and services.

  • Grasp the concepts of absolute and comparative advantage in international trade.
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JK
Jacob KunzeJun 01, 2024
Final Answer :
False
Explanation :
A country is said to have an absolute advantage over another country in the production of a product if it can produce that product using fewer resources or in less time than the other country.